Blockchain technology is deemed as the next big thing since the Internet; and rightfully so, as it continues to gain ground in being recognized and adopted by global industries and national governments. eSports is one of the industries that has grown at a staggering pace during the COVID-19 outbreak.
People staying at home has shifted to alternative forms of competitive entertainment, and eSports has become a popular choice as it offers exciting games with the added thrill of using real money for betting.
The immense growth of eSports has prompted companies to look for a better technology that can be integrated to accommodate their increasing needs. And this is where blockchain technology comes in. How exactly does eSports benefit from building its various applications and platforms on a blockchain?
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Blockchain preserves game integrity. It is not a secret that eSports games, like all games, are vulnerable to cheats. With blockchain technology, cheaters can be exposed as each in-game action is immutably and chronologically recorded as transactions on a
distributed ledger. Data is distributed in that all nodes or miners on the network have master copies of all transactions updated in real-time.
This prevents data manipulation as all nodes need to approve changes for them to be accepted or validated. Furthermore, because the network is public, all users can view and verify actions made during the game, which provides transparency and allows for gamers to spot cheaters.
Big Data and Microtransactions
Imagine the cumulative amount of data being generated by eSports on a daily basis, made even bigger to accommodate system upgrades. This massive amount can only be accommodated by a highly scalable blockchain. For instance, the Bitcoin SV blockchain now supports microtransactions and continues to scale rapidly to be able to offer nano transactions in the future.
This is evidenced by its test network recently breaking records with its 16.4 million transactions in a single data block. At present, Bitcoin SV transaction fees average at a tiny amount of 0.0067 USD per transaction. This widens the eSports market as users can bet as little as they want at very low transaction fees.
At the core of all these capabilities is a stable and unchanging protocol that acts as a rock-solid foundation that developers can build applications and platforms on, much like how the Internet protocol is. A change in protocol equals time, effort, and money as applications are adjusted to work with the new protocol. A set-in-stone protocol allows eSports companies to focus on developing next-generation technology.
It must be clarified that not all blockchains are the same. Many are just pseudo-blockchains that do not have the capability to offer the benefits stated above. Companies need to be discerning when choosing the best blockchain that will resolve their current issues and propel them to a more successful future.